U.S. yields, dollar jump after retail sales; stocks weak

The US economy saw the Empire State manufacturing survey in NY jumping up to 20.1 in May, beating the market expectations, while the US retail sales rose 0.3% m/m in April.

"Momentum would certainly seem to back a further dollar advance with little to stop United States 10-year Treasury yields pushing to 3.20%", said ING FX strategist Viraj Patel.

The yield, a barometer for mortgage rates and other financial instruments, has jumped recently on signs of rising inflation, which sparked market speculation for more rate-hikes later this year.

The US dollar index rose to its highest level this year after figures showed an increase in retail sales while the yield on 10-year Treasuries climbed to 3.08 percent, the highest since mid-2011.

The U.S. dollar rallied against a basket of major currencies on Tuesday to its highest since December, helped by a rise in U.S. Treasury yields and as data showed U.S. retail sales increased moderately in April.

The Swiss franc extended its gains against the euro on Wednesday and was up 0.2% to 1.1838 francs.

Benchmark 10-year notes last fell 17/32 in price to yield 3.0576 percent, from 2.995 percent late on Monday.

The dollar index, tracking it against six major currencies, rose 0.69%, with the euro down 0.61% to $1.1852.

On Wall Street, the Dow Jones Industrial Average .DJI fell 193.00 points, or 0.78 percent, to 24,706.41, the S&P 500 .SPX lost 18.68 points, or 0.68 percent, to 2,711.45 and the Nasdaq Composite .IXIC dropped 59.69 points, or 0.81 percent, to 7,351.63.

Earlier on Tuesday, U.S. Ambassador to China Terry Branstad said the United States wanted a timetable on how China would open up its markets to U.S. exports, with the two countries still not close to resolving trade frictions.

"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent and the reality is we are in for a long slugfest between the USA and China", Mackay said.

The dollar was little changed at 110.300 yen, having risen to 110.450 overnight, its strongest since February 5. The GDT price index rose 1.9 percent from the previous auction two weeks ago.

German economic growth slowed slightly more than expected in the first quarter of the year due to weak trade but analysts called it a blip and predicted Europe's biggest economy would shift into a higher gear again.

MSCI's gauge of stocks across the globe shed 0.9%.

USA crude fell 0.07 percent to $70.91 per barrel and Brent was last at $78.94, up 0.91 percent on the day.

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